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Forex: EUR/GBP falling 0.16%

By FXstreet.com,  April 26, 2012, 06:15:00 AM EDT

FXstreet.com (Barcelona) - The single currency slid 0.16% against sterling, in a session packed with disappointing figures from both the EMU and the UK. The CBI Distributive Trades Survey did worse than expected, dropping by 6% (vs forecast of -4%). Mortgage approvals from the BBA came out short of expectations at 31.9K. It was expected that they would grow from 33.1K to 34.3K. Later today will be announced the Gfk consumer confidence index and forecasts say it should reach -30 (previous reading was -31).

The eurozone's consumer, economic and industrial confidence indices did worse than expected with scores of -19.9, 92.8 and -9.0, respectively. Germany's CPI should be released shortly afterwards and it is expected that YoY price changes will be at 2.0%, slightly lower than the previous reading of 2.1%.

The pair is currently trading at 0.8164, just below 0.8177 (200 SMA), facing resistance at 0.8213, ahead of 0.8247 and 0.8272, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 0.8154, before 0.8129 and 0.8106.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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